Group Financial Manager
The Group Financial Manager is responsible for planning and directing financial accounting, budgeting, auditing, cash management, and other fiscal operations and functions. This includes directing staff activities in maintaining, analyzing, and reporting financial accounting data, developing appropriate accounting systems, establishing necessary financial controls, approving various expenditures and obligations, planning and coordinating internal and external audits, and ensuring all activities conform to statutory legislation (incl. IFRS, Taxation Regulations, and other applicable legislation) and company policies and procedures.
Duties & Responsibilities
The main duties of the Group Financial Manager will be:
- Establish, build and maintain the financial monthly and annual reporting packs (management accounts)
- Reconcile the Management Accounts to the Monthly Ledgers (P&L to month AFS)
- Planning and directing financial accounting strategies along with CFO
- Establish a migration strategy from Xero to our next accounting system
- Establish succession and build successor for role
- Support regional CFO in P&L format, design and account mappings
- Identify and solve software strategic direction
- Budgeting LabourNet Group (HOF, Regions and Products, Cost of sales, Opex and Capex)
- Assist on audit direction and management assumptions
- Cash management and other fiscal operations and functions.
- Maintaining, analyzing and reporting financial accounting data
- Developing appropriate accounting systems (Xero / Corporate Planning and monthly reporting packs)
- Establishing necessary financial controls
- Approving various expenditures and obligations within budget (Capex, Opex)
- Planning and coordinating internal and external audits
- Ensuring all activities conform to statutory legislation (incl. IFRS, Taxation Regulations, CIPC and other applicable legislation) and company policies and procedures.
- Capitalization of the Development and platform team costs
- Spotlight and DraftWorx reporting for the group
- B/S Compliance and bank covenant management
- Management account Reviews for the group before the Interim release to CFO and regions
- Insurance compliance and the tenders for the company (Handle full insurance renewals and compliance)
- Cashflow predictions and analyzing the projections
- Nedbank Funding for the group and relationship management
- Test of controls for the entire group and ensuring the effectiveness
- Ratio analysis for the entire group
- Approval of the bad debts write off (IFRS9)
- Board Packs for the JV’s and the dividends calculations
- LabourNet partner Meeting (Board presentation packs financials)
- Processing Mapping for the entire company financial processes and systems
- Revenue completeness and revenue growth (Accountable)
- Support and oversee the Financial Manager – Operations and Statutory Finance
- Strategy and structure of the finance team (Reporting / Culture / Values, etc)
- Sign-off all financial policies and procedures with other Financial Manager
- AFS for the group and individual companies (Establish internally generated financial statements)
- Fixed assets compliance (policies and processes oversee)
- Internal customer receive accurate, timeous information, enabling them to make informed financial business decisions.
- Oversee and Support Financial Accounts with Annual Audits
- Oversee compliance Product and IT budgets
- Support CFO on revenue budgets and COS budgets with HR
- Manage Trial balance sign-off Monthly
- Manage FM output and timely reporting
- Sign-off quarterly B/Sheet recons
- Manage the Management Accounts and present to CFO performance dashboards
- Xero system owner and proper account structures (VAT, Classifications, Mapping)
Budgeting
- Annual Budget completion (Regional sessions, Head Office and Group) (Oct – Nov)
- Cash flow projection report completed annually. (Weekly, monthly and Annual)
- Monthly variance reports (major cost analysis)
- Budget forecasting reports completed annually.
- Regional / Product Analysis sign off
- Vat reconciliation oversee & release on bank
- Trial Balance reconciliation sign-off for audit readiness Quarterly support to Accountants
- B/S Reviews quarterly and Yearend 31 December within 10 working days from 31 Dec annually
- Dividend Distributions sign-off
- Statutory provisions (TAX /WHT/ETC.)
- Monthly MFRs
- Financial packs forwarded to CFO
- JV’s Board packs
- Audit readiness
- Revenue completeness checks with Operational FM
- Revenue growth reports (accuracy) analyse and present to CFO
- Payroll oversee (journals & recons) – Salary splits, journals sign-off (non-routine)
- Test of control effectiveness
Cash-flow management
- Accurate and timeous monthly and 3 monthly cash flow scenarios provided
- Company meets cash flow requirements without fail
- Monthly expense variance
- Debt covenants
- Cashflow projections
- Development of Financial Managers to be successor
- Develop Financial Manager on reporting to enable growth
- Process writing
- Training of finance as a whole
- Technical courses
- Test of controls
- Process writing
- Blue printing of finance department
- Training in contracts
Audits (internal & external)
- Contract with the relevant auditing firm and timeously set the timelines.
- Annual audit conducted by no later than within 3 months of year end
- Applicable financial corporate governance requirements identified and actioned
Other:
- In charge of finance as a whole
- Training as a whole for the finance team
- Any Adhoc reporting or assignments from CFO / Board
- Streamlining financial reporting processes / automation and assisting CFO with data flow mapping
- Tax Planning
- Building professional working relationships with the business partners and regional managers
- Ensuring Finance department drives business value add into all processes and interactions
Desired Experience & Qualification
- CA(SA) or CIMA Designation is required.
- Advanced MS Office (Excel, Word, BI, PowerPoint, Outlook).
- Valid Driver’s License and own vehicle.
- 5 years + financial system exposure on reporting and ledger management
- Extensive Report building experience required (Excel and other BI tools)
Experience required:
- 5 years in a financial reporting experience at data consolidation level
- Advanced knowledge IFRS and IFRS SME
- Experience managing diverse finance roles (Report Building / Group Management Accounts / Systems Migration)
- Advanced budgeting skills (Cost Centre, Regions, Products, Capex and Cashflow)
- Ability to handle mass volume of data (17 regions x 8 products x 13 legal entities time 6 classification fields)
- Advanced knowledge of financial reporting packs (Management Accounts and excel / BI tools)
- Corporate Financial Planning and analysis (bank relations, cash flow and ratio management)
- Experience in presenting and building financial dashboards.
- Experience with requirements of a system migration and integrations.
- Leadership skills managing finance and budgets.
- Strategic, creative and analytical thinking
- Must be a problem solver (implement, track and roll out changes within finance)
- Computer literacy must be advance on Excel and BI tools (non-negotiable) – Will be tested
- Financial and accounting skills (Must be first time pass on Board / CTA and excellent academic record)
- In-depth Knowledge of the financial operations and processes
- Strong financial systems knowledge (Xero or SAGE Intacct)
- Exceptional Process writing and control environment setup.
- Must have a proven record within finance and understanding of strategic finance models.
Package & Remuneration
Salary: R115 000 CTC per month
Benefits: Laptop, Internet, Cell phone and Pension Fund.
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